About Pippin Aint Easy

Like the title of this blog suggests, grabbin' pips in the Forex markets is easier said than done. This technical analysis blog will allow you to check out how I see currency price action playing out and chart patterns forming in real-time.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

Daily Chart Art – June 12, 2012

GBP/JPY: 1-hour

Is that a double top pattern I’m seeing on GBP/JPY’s 1-hour time frame? Let me take my groovy Ray-Bans off to have a closer look! The pair bounced a couple times off the 124.00 major psychological resistance and found a bit of support around 122.00, which appears to be the neckline of this reversal chart pattern. If price breaks below the neckline, that means the pair could still have a couple of hundred pips to drop! But with stochastic in the oversold zone, GBP/JPY could bounce from 122.00 again and climb all the way back to 124.00.

USD/JPY: 1-hour

USD/JPY seems to be moving sideways on its 1-hour time frame as the pair has bounced off support at 79.20 and found resistance at 79.75. The pair is currently sitting right on the support level, as though thinking about whether to bounce or to make a break for it. Take note that a bullish divergence has formed, after price made lower lows while stochastic made higher lows. Better check out the 9 Rules of Trading Divergences if you plan to play this setup!

NZD/USD: 1-hour

Feast your eyes on this potential NZD/USD trend play! The pair’s uptrend still seems to be intact as the rising trend line connecting the lows of the price is holding like a boss. Price just bounced from the support level and even made a bullish divergence! If the pair continues to climb, it could make its way up to the next resistance level around .7800. But if a breakdown is in the cards, the next area of interest seems to be at the .7600 major psychological support level.

Before you get carried away with all these chart patterns, remember that technical analysis is only half the story.

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.